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1 million bank employees on strike in India

1 million bank employees on strike in India

Banking operations across the country were adversely affected on Tuesday as 1 million bank employees went on a day-long strike pressing for various demands.

Nine bank unions under the banner of the United Forum of Bank Unions (UFBU) have called for the strike. “Banking operations have been affected with around 85,000 branches of commercial bank and another 105,000 branches of cooperative banks on strike,” said C.H. Venkatachalam, secretary general of All India Bank Employees Association, one of the unions involved in the strike.

 

The UFBU is protesting government banking reforms and demanding compensation for extra work done during the demonetization period.

 

Last November, Prime Minister Narendra Modi abolished the 500 rupee and 1,000 rupee notes on the pretext of fighting corruption and “black money”.

 

The move triggered chaos and panic and led to long lines outside banks as people waited to get their notes changed amid fears that their money could disappear.

 

The UFBU said clearance of 4 million checks amounting to over $3 billion would be affected because of the strike.

 

While all employees of public sector banks are participating in the strike, top Indian private banks are not. Still, check clearances will not be possible even in these banks.